This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Yum! Brands Announces Consideration For Tender Offers

Yum! Brands, Inc. (NYSE: YUM) today announced the reference yields, tender offer consideration, and total consideration for two series of its outstanding debt securities in connection with its previously announced cash offers to purchase up to $525 million aggregate principal amount of five series of its outstanding debt securities (collectively, the “Notes”). As further discussed below, only Notes with Acceptance Priority Levels 1 and 2, as identified in the table below, will be accepted for purchase, assuming that the conditions to the tender offers are satisfied or waived. The terms and conditions of the tender offers are described in the Offer to Purchase, dated October 22, 2013 (the “Offer to Purchase”), and the related Letter of Transmittal.

For Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on November 4, 2013 (the “Early Tender Time”) and that are accepted for purchase, the applicable total consideration per $1,000 principal amount of each series of Notes (for each series, the “Total Consideration”) is the price determined as described in the Offer to Purchase intended to result in a yield to maturity (calculated in accordance with standard market practice) equal to the sum of (i) the yield to maturity for the applicable U.S. Treasury Reference Security specified in the table below, calculated based on the bid-side price of such U.S. Treasury Reference Security as of 2:00 p.m., New York City time, today, November 5, 2013 (being the first business day following the Early Tender Time), plus (ii) the applicable Fixed Spread specified in the table below. The Total Consideration includes the Early Tender Payment specified in the table below. Holders tendering their Notes after the Early Tender Time and at or prior to 11:59 p.m. New York City time on November 19, 2013 (the “Expiration Time”), will be eligible to receive only the applicable Tender Offer Consideration, namely the applicable Total Consideration less the Early Tender Payment specified in the table below.

Title of






























6.875% Senior Notes due 2037 (988498 AD3)     $600,000,000     $275,000,000     1     165     2.875% U.S. Treasury Note due 05/15/2043     PX1     $50     $1,191.43     $1,141.43

6.250% Senior Notes due 2018 (988498 AC5)
$600,000,000 N/A 2 40 1.375% U.S. Treasury Note due 09/30/2018 PX1 $50 $1,185.94 $1,135.94

In addition, holders whose Notes are accepted for purchase pursuant to the tender offers will receive accrued and unpaid interest on their purchased Notes from and including the last interest payment date for such Notes to, but excluding, the Settlement Date (as defined in the Offer to Purchase). Subject to the terms and conditions of the tender offer, the Settlement Date will follow promptly after the Expiration Time and currently is expected to be November 20, 2013.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs